Millennial Buyers Have Arrived

April 20, 2017

After many years of experts speculating that Millennials weren’t all that interested in buying a home, they have become the largest group of homebuyers in the country. In January 2017, Millennials were responsible for 45% of all home purchase months, according to Ellie Mae.

Millennials may be ready to become homeowners, but they don’t enter the market without plenty of struggles. Their path to owning a home isn’t easy. Some of the main struggles include:

  • Millennials are mainly first-time buyers competing against repeat home buyers with more leverage.
  • Prices have gone up due to a shortage of home, especially starter homes falling within the budgets of first-time buyers. According to Zillow, 3% fewer homes were on the market in February 2017 and home values were up about 7% compared to a year ago.
  • Bidding wars are making it harder to get an offer accepted. Many properties are receiving multiple offers above list price, especially on the lower end of the market.

Related: Why Should Getting a Pre-Approval be Your First Step in Buying Real Estate?

Due to these struggles, Millennials may consider raising their budget, which could be dangerous. You don’t want to end up in a home you cannot afford. Patience during the home-buying process is paramount. First-time buyers need to stick to their pre-determined budget. Do your homework, figure out your budget and be first in line for the home of your dreams.

Edit Search

  • Email Updates
  • Only Update me On
Close
Email Sent! Your email was sent successfully
Close
Register
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    When are you looking to purchase?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need assistance with financing?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need to also sell your property?
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.